Guacamelee 2 has been announced at Sony's PGW pre-show

UPDATE:
Guacamelee! 2 will include a bevy of new features, including:

• Eagle Boost – A hooking mechanic that allows Juan to attach and fly through “boost points” in the environment.
• Super Chicken! –A unique set of abilities for the chicken form, giving the player more varied and interesting chicken gameplay
• 4-Player Local Co-op – Take on enemies as a group or solo.
• New Environmental Mechanics – Throughout the course of the game players will encounter many new mechanics to complement both platforming and combat.
• Visual Enhancements – A redesigned lighting system to take more advantage of the power of the PS4. Guacamelee! 2’s visuals are a big step above those of the original game on PS4, and are enhanced further to include 4K and HDR support when played on the PS4 Pro.

During Sony’s pre-show of their Paris Games Week keynote they started out with an announcement trailer for Guacamelee 2. Action platforming video game developed and published by DrinkBox Studios. The game was originally released for PlayStation 3 and PlayStation Vita in April 2013, and was later released on Xbox One with Games with Gold a while back.
This time the sequel will have 4 player co-op and it will release “soonish” they said.
Seven years after defeating Carlos Calaca, Juan Aguacate is forced to don his luchador mask again to face a new threat — this time to the very fabric of space and time. Punch your way through a whole new Metroid-vania style world and try to save the Mexiverse!
Watch trailer below: